Saudi Aramco is on the verge of beating Apple as the world’s largest company by market value.
Shares of Aramco rose more than 2% to 46 riyals during trading in the stock market on Sunday, reaching the highest level in the market value listing.
A number of factors have contributed to the recent rise in Aramco’s stock market value, most notably the sharp rise in crude oil prices. The company’s stock market value has risen 28% since the beginning of the year.
Aramco’s stock market value reached $2.448 trillion, narrowing the gap with Apple to $100 billion as the iPhone maker tops the list of global companies with a market value of 2.545 trillion.
Aramco is just one of 3 international companies valued at over $2 trillion. Aramco is the only company outside the United States in terms of market value among the eight largest companies after Microsoft.
Aramco, on the other hand, is already at the forefront of international companies in the most profitable index as its profits, taxes, and losses are about $208 billion, while its nearest rival Apple is worth $120 billion.
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Saudi Aramco’s share price was at 45.45 riyals on March 7, while its share price was recorded at 46 riyals during the session for the first time since its listing in December 2019.
Saudi Aramco has announced that the company’s annual net profit will increase by 124.4% in 2021. The company reported a net profit of 412.4 billion riyals last year, up from 183.76 billion riyals in 2020.